SRS Real Estate Partners Completes $3.75M Sale of Chipotle Retail Asset in Lake Wales, FL
SRS Real Estate Partners announced today the completion of a $3.75 million sale of a Chipotle Mexican Grill retail property located at 23250 US-27 in Lake Wales, Florida, according to a press release from the firm. The transaction closed March 19, 2026, with a Florida-based private investor acquiring the asset through a tax-deferred 1031 exchange.
The 2,494-square-foot property, situated on 1.09 acres, was delivered in 2025 and is fully occupied under a 15-year absolute triple-net lease with a corporate guarantee from Chipotle Mexican Grill, Inc. (NYSE: CMG).
Transaction Details and Brokerage Team
SRS Capital Markets Executive Vice President and Principal William Wamble, Senior Managing Principal Patrick Nutt, and Associate Connor Barton represented the seller, identified as a Florida-based retail developer. The three brokers represented the seller side of the transaction.
"This property offered a rare opportunity to own a truly passive investment in a thriving trade area. With an absolute triple-net lease structure that eliminates landlord responsibilities, the investment delivers stable income with minimal management, making it an ideal asset for investors seeking long-term security in a state with no state income tax," said Barton.
The absolute NNN lease structure transfers all property expenses — including taxes, insurance, and maintenance — to the tenant, leaving the landlord with no ongoing management obligations. The corporate guarantee from Chipotle Mexican Grill, Inc. provides additional credit backing for the income stream.
Trade Area and Market Context
The Lake Wales property benefits from a dense surrounding trade area, with more than 54,000 residents and 16,000 employees within a five-mile radius. The property is situated near Eagle Ridge Mall and is flanked by national retailers including Wawa, Aldi, Publix, Starbucks, Home Depot, and Walgreens.
The buyer's use of a 1031 exchange — a tax-deferral strategy that allows investors to reinvest proceeds from a prior property sale into a like-kind asset — reflects the transaction structure disclosed in the press release. Florida's absence of a state income tax was cited by the brokerage team as an additional factor in the investment appeal.
SRS Real Estate Partners Firm Activity
SRS Real Estate Partners, founded in 1986 and headquartered in Dallas, operates 30 offices nationwide and provides commercial real estate solutions across retail, industrial, and capital markets. The firm reported completing more than $3.5 billion in deal volume across 950 transactions last year. As of the time of this transaction, SRS had more than 845 properties actively listed with a combined market value exceeding $3.7 billion.